Financial Aid Options

Families are asked to complete a Parents' Financial Statement (PFS) via the School and Student Services for Financial Aid (SSS) website. This online form asks for information concerning number of children in tuition-charging schools, debt, living expenses, care for an elderly parent, medical expenses, income, savings, investments and home equity. Gwynedd-Mercy Academy Elementary uses the SSS analysis in addition to other factors considered by the Financial Aid Committee when making decisions regarding financial assistance.

The calculation of a family’s ability to pay, includes the premise that a child's education is a budgetary priority.  The Financial Aid Committee of Gwynedd-Mercy Academy Elementary makes decisions based on the assumption that the responsibility for financing education rests primarily on the family to the extent that they are able. Families are expected to make choices that indicate that a private education is a budgetary priority in their household, throughout their child’s enrollment at Gwynedd-Mercy.  The availability of financial aid funds is also a factor in decision-making. 

Each family is unique. There are many factors which can impact demonstrated need outside of income.  Our Financial Aid Committee makes a personalized assessment of each application. 

It is our belief that both parents are responsible for contributing toward the educational costs of their children. Accordingly, both parents/guardians are required to complete the financial assistance application (if living in separate households) and provide required documents. Exceptions are rare. No financial information will be shared by the School with the other parent in the case of separate applications. If you have questions, please contact Bethanne Connolly at 215-646-4916.

All financial information is strictly safeguarded. Only those who are directly responsible for determining need will have access to your information.

Provided your financial situation does not substantially change, you can expect approximately the same level of aid each year. Because financial aid decisions are reviewed each year, families receiving aid must submit a complete financial aid application each year, establishing need for the next academic year.

In order to provide an objective and fair analysis, GMA works with School and Student Service for Financial Aid (SSS), a service of the National Association of Independent Schools that determines a family's ability to pay school costs. SSS provides the results of their analysis as a recommendation of a family's ability to contribute towards an independent school education.

All financial data is strictly confidential; only members of the Financial Aid Committee have access to a family's information.

• Current families must complete a School and Student Services (SSS) application no later than January 15.
• Prospective families should complete a School and Student Services (SSS) application in conjunction with a child's application process. SSS accepts applications beginning October 1 using estimated data from the prior year's federal tax return or current tax year returns beginning in January. GMA responds to completed SSS applications in approximately two weeks. All financial aid awards are conditional upon confirmation of current tax return data with SSS.

Parents must apply online with SSS (GMA's School Code is 905186).

The following financial supporting documents must be uploaded to SSS:

• 2021 and 2022 Federal Tax Return (1040 with all schedules)
• 2021 and 2022 - W-2 Statements for each parent/guardian
• Most recent mortgage or rental statement
• For Business Owners, 2021 and 2022 completed K-1 Statements
• 529 Statement balances for child(ren)'s accounts
• If sibling(s) not attending GMA, received financial aid from the school they currently attend, copies of award letter(s) must be submitted to SSS.

Current families will be informed of any award granted by the Financial Aid Committee prior to the re-enrollment period. Prospective families will be informed approximately two weeks after the completion of the of the SSS forms.

The amount of financial aid a family can receive depends on several factors, including a family’s demonstrated financial need, the availability of financial aid funds, and the number of financial aid applications.

APPEALS PROCESS:

To appeal the Financial Aid Committee’s decision (to request either an increase in the original award granted or a reconsideration in the event of a zero award), one of the following criteria should be met:

1. The family recently suffered a hardship that had negative consequences for the family’s finances. (A detailed explanation is required.); or

2. 2023 income has declined by at least 15% compared to 2022 income.*  

*This 2nd item (2023 income change) only applies to returning GMA families.  Incoming families -- i.e. families not currently enrolled at GMA -- only need to provide an explanation of the Financial Aid Appeal in the space provided.

For incoming students, this form must be completed by April 15 in order to be reconsidered for any additional aid. Registration must be completed, and an Enrollment Contract and deposit must be received before a letter of appeal will be considered. If no additional aid is awarded or if an amount is awarded and it is not satisfactory, you will receive a refund of deposit.

For returning families, this form must be completed by March 15 in order to be considered for any additional aid. An Enrollment Contract and deposit must be received before a letter of appeal will be considered. If the additional aid is not satisfactory, you will receive a refund of deposit.

All appeals (FOR INCOMING STUDENTS AND RETURNING FAMILIES) will be reviewed on a case by case basis. Families that appeal will automatically be placed on a financial aid appeal waitlist. Families are welcome to check on the status of their appeal at any time but notification will only take place in the event of an increase or new allocation. Final Appeals will be decided upon the close of the academic year and no later than June 30, 2024.